Leading logistics and money transfer service provider LBC Express Holdings reported a significant improvement in its financial performance last year.
According to the company’s audited financial statements, LBC’s net loss has narrowed to P543.24 million from P853.57 million in the previous year.
The company’s cost of services has decreased by 2.5 percent, while service revenue contracted by two percent to P15.19 billion.
LBC’s logistics services accounted for the majority of the revenue at P14.56 billion, with P626.86 million coming from money transfer services.
The company’s logistics products cater to both retail and corporate clients and cover domestic and international courier and freight forwarding services by air, sea, and ground transport.
Its money transfer services include remittance services, bills payment collection, and corporate remittance payout services.